TriumphFX Gold Analysis – Where could precious metals go from here?

*** Coronavirus and a drop in Oil prices is driving financial markets. Stock markets, currencies and metals are volatile ***

XAUUSD – 1 hour

GOLD is looking choppy and indecisive on the 1 hour time-frame. The moving averages confirm the market indecision – they have been crossing frequently. On higher time-frames though, price is clearly up-trending and is currently in a retrace phase – suggesting that XAUUSD could move higher. GOLD recently hit multi-year highs around 1700.

Buying opportunities may exist around the recent lows at 1555 and around the daily bullish channel support area (around 1550). A bullish move could stall or reverse around the moving averages and around the horizontal levels at 1629 and 1700.

XAGUSD – 1 hour 

XAGUSD is clearly down-trending – price action has been forming lower swing highs and lower swing lows. The moving averages are bearish and widening, signalling that the downward direction may continue. SILVER is also down-trending on higher time-frames, adding confidence that the trend may continue.

Selling opportunities could exist around the dynamic resistance of the moving averages, around the trend resistance area and around the horizontal levels at 16.45, 17.15 and 17.55.

Start trading today with Triumph’s Forex MT4 trading platform – https://www.tfxi.com/  

Hits: 4